Comprehensive Advisor

Away at Work? Away on Vacation?

Very few people can take time out of their workday to go home and walk and play with their pets. Likewise, many people fear taking pets on cross-country trips in their cars or on airplanes.

 

Daycare and lodging services are very popular, but not exactly cheap. Depending on the community, daily dog-walking services can cost $20 and up, overnight kennel fees may go well over $30, and pet-sitting services can cost $50 a day or more. It’s always best to get references from local veterinary clinics and fellow pet owners you trust. You can also check out the National Association of Professional Pet Sitters.

 

Be sure to visit the facility you’re thinking about asking to care for your pet while you are away.  Do this without bringing your pet so you can take time and ask questions.  Proper pet lodging for your feline or canine is very important.  Animals have separation anxiety and you’d like to see how a kennel or boarding facility handles this before you bring your pet in for an extended stay.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Grooming, It's More Than Good Looks

There are some people who may wait weeks to cut their own hair, but their dog always looks fabulous. Grooming is an important function for all pets.

 

Claws need to be cut so they don’t become a circular problem.  No pet wants to have overly long or matted hair that could cause skin or infestation problems.

 

Talk with your vet first about what he or she believes is a proper grooming regimen for your pet, and shop for a groomer based on experience and familiarity with your pet’s breed.  Grooming rates vary by community and size of the pet, with per-visit rates ranging from as low as $20 to well over $100 per visit.

 

Also, be sure to check to see if your groomer is a member of a professional organization with a designation or training, such as the National Dog Groomers Association of America, www.nationaldoggroomers.com.  Another professional services organization is the Pet Care Services Association, www.petcareservices.org.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Doctor, Is There a Doctor in the House?

Vet bills can be the scariest financial aspect of pet ownership, and dealing with them spurs the most debate. In major metro areas, annual vet bills can average $100 to $300 just for the basics.  These basics can be as little as an annual vaccination and checkup, no medication.  A local vet clinic here in my hometown charges $85.00 for a first appointment as a wellness checkup.  Forget the vaccination at this first appointment, too!

 

For more serious matters such as cancers, joint and bone problems, bills easily run into the thousands. There are pet insurance companies, but financial experts argue whether premiums justify the benefits. It might make more sense to put aside money on a regular basis in an “emergency fund” for your pet as a way to subsidize care if necessary.

 

The Humane Society of the United States  offers other affordability options:

·     Ask the vet to let you negotiate a payment plan;

·     Contact your local shelter to see if there are subsidized veterinary clinics in your community;

·     If you have a specific breed, contact the national club for that breed and see if they might have a veterinary assistance fund;

·     Ask your vet to submit an assistance request to American Animal Hospital Association Helping Pets Fund .

 

A temporal component to remember, as your pet ages, the vet bills will rise, maybe exponentially.  In the golden years of cats and dogs, as with their humans, medical bills can come fast and furious.  These are the times when having a long term savings plan in place can be really helpful for you and Fluffy.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Pets Have Stuff, too!

What stuff does a pet need? Well, a lot more than most of us expect. According to ASPCA the average annual bill for toys and treats for a medium-size dog is around $55.  There are all sorts of toys dogs love to play with.  They love balls.  They love to chase stuff you can toss.  They love things they can chew on.  They love to pull on stuff, too.

 

Cats like to play, too.  For a cat, the ASPCA says the annual toy bill is around $25.  Cats love to bat things with their paws.  They love catnip!  And of course, cats love to chase things, too.

 

Almost all pets need some kind of bed.  Whether it’s an old blanket or a large pillow embroidered with their name, pets will make these soft spots their home.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Pet Foods and the Grocery Bill

Depending on your pet and your desire to give them only the best, an annual pet food bill can cost (easily!) between $150 to $400. This isn’t an argument for buying low cost pet foods.  When it comes to pet food, always try to clip the coupons and check around at various pet and grocery stores for case discounts on your pet’s favorite chow.  My dogs get high quality food bought at a large retail discounter for several dollars less than the same food at a national pet-care chain.

 

Confirm with your vet whether you’re giving your pet the right type and amount of food.  Remember, your pet’s nutritional needs vary during their lifetimes, much like yours.  Also, be sure to feed your pet at the right time of day.

 

One other concern for your pet’s diet, believe it or not, pets can and should eat the same type of food every day for years on end.  Pets are much less interested in variety than they are interested in keeping their stomachs receiving the same chow every day at the same time.  A varying diet for a pet can often lead to upset stomachs, and worse.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Health and Longevity May Affect Your Choice, too

If a pet is a single or dominant breed, it makes sense to research particular health issues specific to the breed to avoid future costly care.  With canines for example, some retrievers are prone to hereditary hip diseases.

 

Just last night I ended up in a discussion about dogs and their longevity.  The consensus around the table was the combination of size and longevity seemed to be fairly constant.  The larger the canine breed, the shorter the life expectancy.  So, this may be a factor in your decision, too.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Check Your Insurance, Check Your Lease

Of course, if you live in any type of rental property, be sure to check your lease before bringing home your new family member.  Many rental communities allow felines for an additional monthly fee.  Few rental communities allow larger canines, no matter how much you’re willing to pay.

 

There are some insurers who might reject you or charge you considerably more for coverage if you own certain large-breed dogs. Check your insurance coverage before you get your pet.  One type of policy that almost certainly will have restrictions is an umbrella liability policy.  Many umbrella policies reject large canines.  Most umbrella policies require pets to be fully licensed with all required immunizations documented.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Allergies, That Can Hurt!

Wait, what do watery eyes have to do with affording a new Fido or a new Fluffy? Plenty says the American Academy of Allergy, Asthma & Immunology.  This group tells us there are almost 10 million pet owners who have some sort of allergy to their pets, and pets are in 70 percent of U.S. households.

 

Check to see if you or your kids might be allergic to your chosen animal before you bring home a loveable new family member that might cause undue suffering for its humans.  At the very least, you might check your healthcare policy’s coverage for allergy shots or other medications that can help you co-exist with your chosen new housemate.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Affording A Pet: Remember, There's No Such Thing as a Free Kitten or Puppy!

Some of the most heartbreaking news reports out of this recession involved the number of pets being left at animal shelters by owners who could no longer afford to keep them. If you’ve considered giving either a rescue or a pedigree a home, think first about all of the costs you might incur to give them proper care.

According to The American Society for the Prevention of Cruelty to Animals^® (ASPCA^®), the first-year spending for a dog of medium size (under 60 pounds) after adoption or purchase averages $1,618; for a cat, the number is $860. And believe it or not, first-year cost for a rabbit is $1,055. What’s included? Vet bills, food, grooming, toys, treats, licenses and many other miscellaneous items.

 

While bringing home a pet should first and foremost be about love, money is an increasingly important consideration. And a surprising number of things can add to the cost. Over the next few posts we’ll discuss some important issues, both financial and non-financial to consider before you bring home your new family member.

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.

Donating Appreciated Securities, It's Win-Win for You

This is where some expert assistance could come in handy.  When you donate stocks, mutual fund shares or any other security you have held for more than one year, generally you may deduct the current fair market value of the donated securities. Additionally, you avoid paying capital gains taxes on the appreciated value.

 

So, think about this for just a moment.  You get to take the charitable deduction on not only the amount you originally paid for the security, but the appreciated amount.  Add to this the benefit of not paying any capital gains taxes on the appreciation.  This is one of the few win-win situations for taxpayers.  As most of you know, the tax code is all about you lose, the IRS wins.

 

Let’s look at an example.  Say you bought 100 shares of Apple on 1/21/2003 at a closing price of $14.02.  You waited a bunch of years and decided to give it away yesterday at a closing price of $192.40.  Your charitable donation on Schedule A is in the amount of $19,240.00.  That’s right, you paid $1,402.00 and you get to deduct nearly $18,000 more than what you paid.  Further, you avoid paying $2,675.70 in capital gains taxes.  Is this a great tax provision, or what!

 

As always, please visit our website www.weslingfinancial.com or email us at info@weslingfinancial.com for further info and to discuss your personal situation.